The Tax Incentivised Savings Association (TISA) will not be pursuing plans to provide a defined benefit (DB) transfer guidance service, it has confirmed to PP.
Last year, TISA had been planning to trial guidance sessions for members who wanted to transfer out but fell below the £30,000 threshold for compulsory advice.
A spokesperson told PP today that one of the reasons for dropping the plans was that setting up such a guidance service was viewed to be too complex following some of the recent issues around the British Steel Pension Scheme (BSPS).
TISA's retirement policy manager Renny Biggins said in a statement:
"Our priority is to ensure that all consumers achieve the best financial outcomes possible. With this in mind, we have previously looked at whether it was feasible for guidance to play a part in the DB to DC transfer market for those without access to advice.
"However, we felt it important to focus our efforts on the broader issue of how best to meet the needs of those consumers who will rely on guidance support in making financial decisions and the 40 million without access to advice."
It comes after reports of questionable approaches and unsuitable advice given to members of BSPS. Steelworkers had until 22 December to decide whether to say in the BSPS and transfer into the Pension Protection Fund, join the new British Steel scheme, or take a lump sum payment, following the scheme's regulated apportionment arrangement in September.
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